Paynext Insights 2017

About

The world of payments has tremendously undergone a revolution. Globally, at least 50% of the fintech companies are working in the payments space to create the next level of possibilities in payments. Needless to say, the financial organizations are also constantly innovating either themselves or through fintech partners in a sandbox environment to get that silver lining edge in payments, which could catapult their growth to substantial levels.The Demonetization in India gave a shot in the arm to all players into digital payments. The massive scale at which it happened, triggered the wallets, cards and almost all the forms of digital payments. IMPS strikes about 20 million transactions a day, which was unthinkable at one point of time. The customers who resisted this transformation, had to give up their resistance and embrace digitalization. This also gave an new array of hope to the payments banks, some of whom did not even go to set up their business citing bleak future. Needless to say, this shot in the arm has already made sure that few giants including the postal bank and Paytm already commenced their businesses riding the massive demonetization wave.